GlobalData Regulatory News (DATA)

17 Jul 2008 07:00



17 July 2008

TMN Group PLC

Termination of Offer Process and Trading Update

On 19 May 2008, the independent non-executive directors of TMN Group plc ("TMN" or the "Company") announced that it had received an indicative cash offer of 70p per share from funds advised by August Equity LLP ("August Equity"). However, despite the Company continuing to perform in line with its management's expectations, August Equity have been unable to secure sufficient third party debt financing to support an offer acceptable to the Board. Accordingly the independent non-executive directors have terminated the discussions with August Equity with immediate effect. 

The Company confirms that current trading is in line with the Board's expectations and guidance given in its trading statement on 25 April 2008.  The executive directors, Mark Smith and Craig Dixon, along with the non-executive directors look forward to the continued running of the Company as a listed PLC with confidence. The Company expects to release its results for the financial year ended 30 April 2008 in the week commencing 1 September 2008.

Peter Harkness, Chairman of TMN Group plc commented, 

"Whilst we understand that difficult debt market conditions has resulted in August Equity being unable to deliver an acceptable offer to the Board, the Board is united in its confidence in TMN's future as a listed Company. TMN is a leader in the field of online direct marketing and we continue to look forward to achieving our strategic goals and creating value for shareholders."

Regarding trading, Mark Smith, CEO of TMN Group plc, commented, 

"In our first few months, the Group has shown strong resilience, trading is in line with management expectations, and we hold a cautious optimism with regards the remainder of the financial year".